Page | 1 MCI (P) 094/09/2017 Ref. No.: SGMN2018_0012

Singapore Morning Note 16 January 2018

Research Official Website: www.stocksbnb.com

MARKET WATCH

Singapore Indices Level 1D D 1D %

FTSE ST Straits Time 3,536.4 15.9 0.5

FTSE ST Financial 1,057.1 2.6 0.2

FTSE ST Real Estate 878.8 (4.1) (0.5)

FTSE ST Industrials 801.7 2.4 0.3

FTSE ST Consumer Service 757.5 (0.6) (0.1)

FTSE ST Telecommunicate 920.5 (0.2) (0.0)

FTSE ST Oil & Gas 423.6 6.8 1.6

FTSE ST Consumer Good 511.8 2.5 0.5

FTSE ST Utilities 371.5 (1.0) (0.3)

FTSE ST Healthcare 1,228.8 12.4 1.0

FTSE ST Technology 244.6 - -

FTSE ST Basic Material 83.8 (2.2) (2.5)

FTSE ST Mid-Cap 791.1 (0.3) (0.0)

FTSE ST Catalist 484.4 (0.8) (0.2)

All stocks

Up: 151

Unchanged: 295

Down: 185

Total Volume (mn shares) 2,253.4 (190.4) (7.8)

Total Value (S$ mn) 1,030.0 (159.3) (13.4)

Top gainers (mktcap >S$100m) S$ D %

CNMC Goldmine 0.295 0.030 11.3

Oceanus Group 0.010 0.001 11.1

Alliance Mineral 0.455 0.045 11.0

M'sia Smelting Corp 1.270 0.070 5.8

Cosco Shipping 0.470 0.025 5.6

Sinostar PEC 0.215 0.010 4.9

Top losers (mktcap >S$100m) S$ D %

Blumont Group 0.005 (0.001) (16.7)

Anan International 0.100 (0.015) (13.0)

CH Offshore 0.220 (0.020) (8.3)

World Class Global 0.235 (0.020) (7.8)

Vallianz 0.014 (0.001) (6.7)

Ix Biopharma 0.180 (0.010) (5.3)

FSSTI INDEX

2,600

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,400

3,500

3,600

Jan-

17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-

17

Au

g-17

Sep

-17

Oct

-17

No

v-17

Dec

-17

REL. PERFORMANCE BY MARKET CAP

2,700

2,800

2,900

3,000

3,100

3,200

3,300

3,400

3,500

Jan-17 Apr-17 Jul-17 Oct-17

STI (LargeCap) MidCap Catalist

Source: Bloomberg; PSR

RESEARCH REPORT

Dasin Retail Trust – Securing regular income from Chinese consumers Recommendation: Buy (Initiation), Last Close Price: S$0.85 Target Price: S$0.98, Analyst: Phillip Research Team

16% organic growth (CAGR) for next two years from higher rental revenue.

Substantial inorganic ROFR pipeline that can quadruple Dasin's assets.

Tapping on the vibrant Zhongshan economy.

Initiate coverage with BUY and target price of S$0.98, 26.5% upside. 800 Super Holdings Ltd - Gaining market share Recommendation: Accumulate (Downgrade), Last Close Price: $1.25 Target Price: $1.40 (previously $1.43), Analyst: Richard Leow

Awarded $S$1.93mn PWC contract for Pasir Ris-Bedok Sector with the lowest bid

Gained market share by dislodging incumbents

Downgrade to Accumulate due to 6.4% favourable price movement since our last report, and lower target price of $1.40

TECHNICAL PULSE

Hang Seng Index – Daily timeframe – Bearish

The bearish rejection on 15/01/18 is signalling some form of weakness.

With the extremely overbought RSI and bearish price action around the critical 31,897 all-time high resistance, expect the HSI to enter into a correction to retest the 20, 60 day moving average and uptrend line before the bulls regain control of the long-term uptrend.

For more information and additional disclosures, refer to the technical pulse section below. BREAKING NEWS

iFAST Corporation Ltd announced that the Company has increased its equity interest in the Company’s associate company, Pecuniam Pte. Ltd. (“Pecuniam”) from 21.42% to 24.98%. Pecuniam is an investment-holding company which owns iFAST India Investments Pte Ltd, a Singapore-incorporated company, which in turn owns a 74.99% stake of iFAST Financial India Pvt Ltd (“IFI”), an India-incorporated company engaged in the distribution of investment products including mutual funds in India QT VASCULAR LTD. announced the allotment and issuance of an aggregate of 55,512,000 new ordinary shares in the capital of the Company pursuant to the Agreement with GEM Global at an issue price of S$0.01125 per New Share. The Issue Price was arrived at based on a 10% discount to the average daily VWAP of S$0.0125 per Share during the Evaluation Period which comprised mainly the trading weeks from the last week of November 2017 to the first week of January 2018. The Issue Price is higher than the Sales Price, in accordance with the terms of the Agreement. HG Metal Manufacturing Limited announced that its subsidiary, Oriental Metals Pte Ltd has on 15 January 2018 accepted a letter of offer from JTC Corporation to renew the lease for the property known as Private Lots A21285 and A2185B (also known as Lot 04423V of Mukim 06) at 28 Jalan Buroh, Singapore 619484

Source: SGX Masnet, PSR, Bloomberg

Page | 2

Singapore Morning Note

WEEKLY MARKET OUTLOOK WEBINAR

Register HERE for MONDAYS’ 11.15am webinar if you have not already done so.

In this week's webinar, we will discuss about the Singapore residential property market and our top picks for this sector. Archived webinars available.

MACRO / SECTOR CHART OF THE DAY

Previous: 2.2% (Nov 2017)

Latest: 2.1% (Dec 2017) U.S. headline Inflation as measure by the Consumer Price Index (CPI) was up 2.1% YoY for the month of December 2017. Figures came below market expectations of 2.2% amid a slowdown in gasoline and fuel prices. However, this is the 4

th consecutive month

that the inflation measure has been above the 2% target set by the Fed.

Page | 3

Singapore Morning Note

TECHNICAL PULSE 16 January 2018

Technical Sell Hang Seng Index – Daily timeframe (Update from 14 August 2017)

*Entry Price: 31,255 Stop loss : 32,010 Take profit : 29,367

Current Sentiment: Bearish Support 1: 30,000 Resistance 1: 31,958 Support 2: 29,367 Resistance 2: 32,000

The lack of bearish follow through after the last update resulted in price breaking above the 2015 high of 28,588 resistance area as the uptrend accelerated.

Looking at the daily timeframe shows how strong the uptrend has been since 2017. Price has been making a series of higher highs (HH) and higher lows (HL) with the support of the 20, 60 day moving average and uptrend line for propelling the uptrend along shown by the highlighted areas. Notice how each correction that took place brought the HSI back to the 20, 60 day moving average or uptrend line.

With the strong bullish move since 2017, the HSI has effectively broken above the 2015 key resistance area of 28,588 points and currently faces the crucial all-time high of 31,958 points formed back in October 2007. As the HSI nears the key resistance area of 31,958, there should be some near-term correction around that area as the bulls take some rest.

Currently, the bearish rejection on 15/01/18 is signalling some form of weakness. Moreover, the Relative Strength Index (RSI) is overbought on the Monthly, Weekly and Daily timeframe suggesting for a near-term correction soon. The overbought condition is more severe in the daily timeframe as it hit a recent high of 80 on 12/01/18.

Hence, with the extremely overbought RSI and bearish price action around the critical 31,958 all-time high resistance, expect the HSI to enter into a correction to retest the 20, 60 day moving average and uptrend line before the bulls regain control of the long-term uptrend.

*The HSI tends to enter into a period of correction after the RSI enters into overbought territory, above 70 shown by the higher high (HH) points on the chart.

Red line = 20 period moving average, Blue line = 60 period moving average, Green line = 200 period moving average *Entry price is derived from 1 tick above the high of the setup bar Source: Bloomberg, Phillip Securities Research Pte Ltd Jeremy Ng (+65 62121857) jeremyngch@phillip.com.sg

Page | 4

Singapore Morning Note

The Phillip 20 Portfolio - Our top technical picks Company Name Ticker L Entry Date Entry price Stop Loss Last price Current gain/loss (%)

BREADTALK 5DA Long 2-Nov-17 1.645 1.470 1.650 0.30%

COGENT KJ9 Long 22-Mar-17 0.780 0.725 1.020 30.77%

CHIP ENG SENG C29 Long 12-Dec-17 0.945 0.880 1.030 8.99%

CHINA AVIATION G92 Long 13-Dec-17 1.670 1.510 1.660 -0.60%

ELLIPSIZ BIX Long 3-Aug-17 0.645 0.575 0.740 14.73%

FRENCKEN E28 Long 20-Jul-17 0.525 0.445 0.570 8.57%

F & N F99 Long 24-Mar-17 2.220 2.220 2.580 16.22%

GOLDEN AGRI-RES E5H Long 26-Oct-17 0.400 0.350 0.380 -5.00%

GOLDEN ENERGY AUE Long 2-Aug-17 0.425 0.360 0.415 -2.35%

JUMBO 42R Long 22-Sep-17 0.575 0.525 0.605 5.22%

MIYOSHI M03 Long 23-Aug-17 0.074 0.062 0.076 2.70%

PANUNITED P52 Long 22-Aug-17 0.550 0.500 0.460 -16.36%

RIVERSTONE AP4 Long 12-Jul-17 1.065 0.995 1.080 1.41%

SINOSTAR PEC C9Q Long 28-Nov-17 0.194 0.149 0.205 5.67%

SPH T39 Long 25-Sep-17 2.750 2.530 2.630 -4.36%

THAIBEV Y92 Long 14-Mar-17 0.955 0.825 0.935 -2.09%

WING TAI W05 Long 11-Dec-17 2.270 2.060 2.320 2.20%

YOMA STRATEGIC Z59 Long 1-Dec-17 0.505 0.470 0.525 3.96%

Monthly Phillip 20 performance update May 17 performance

June 17 performance

July 17 Performance

August 17 Performance

September 17 Performance

October 17 Performance

November 17 Performance

December 17 Performance

**Take profit will be updated accordingly in the future technical pulse report

Note: The “Phillip 20 Portfolio” is an actively managed portfolio that utilises technical analysis for selecting stocks. We have capped the amount of stocks to 20 for the portfolio, and each trade is equally weighted at 5% of the initial capital.

Inception date is the start of May 2017 with an initial capital of $100,000.

SUMMARY OF US OPEN TRADE POSITIONS (USD)

Name Trade Position Entry Last Done Target Price Stop Loss Performance

Walt Disney Co. Open 107.72 110.02 116.00 102.62 2.14%

GameStop Corporation Open 16.80 19.23 20.00 14.95 14.46%

AT&T Inc Open 36.44 38.25 41.70 33.95 4.97%

Applied Optoelectronics Inc. Open 43.64 38.37 47.54 N/A -12.08%

Page | 5

Singapore Morning Note

MARKET WATCH

Asia-Pacific Level D % YTD (%)

Nikkei 225 JP 23,714.88 6.2 0.0 4.2

KOSPI KO 2,503.73 (0.4) (0.0) 1.5

CSI 300 CN 4,225.24 0.2 0.0 4.8

HSCEI CN 12,470.42 1.5 0.0 6.5

Taiex TW ||||||| 10,956.31 72.4 0.7 2.9

Hang Seng HK || 31,338.87 (73.7) (0.2) 4.7

Sensex IN |||||||| 34,843.51 251.1 0.7 2.3

Nifty IN |||||| 10,741.55 60.3 0.6 2.0

SET TH ||||||| 1,822.66 12.5 0.7 3.9

KLCI MY | 1,825.91 3.2 0.2 1.6

STI SG ||||| 3,536.41 15.9 0.5 3.9

JCI ID || 6,382.20 12.1 0.2 0.4

Phil Comp PH ||||| 8,857.72 43.1 0.5 3.5

S&P/ASX 200 AU ||||| 6,077.08 (30.0) (0.5) (0.3)

US/Europe Level D % YTD (%)

DJIA US |||||||||| 25,803.19 228.5 0.9 4.4

NASDAQ Comp US ||||||| 7,261.06 49.3 0.7 5.2

S&P 500 US ||||||| 2,786.24 18.7 0.7 4.2

FTSE 100 UK | 7,769.14 (9.5) (0.1) 1.1

DAX GR ||| 13,200.51 (44.5) (0.3) 2.2

CAC 40 FR | 5,509.69 (7.4) (0.1) 3.7

Euro STOXX 50 EU 3,611.81 (0.8) (0.0) 3.1

VIX US |||||||||||||||||||||||||||||||10.16 0.3 2.8 (8.0)

Currencies X-Rate D % YTD (%)

Yen JP |||||||||| 110.54 0.18 (0.16) 1.8

Won KO |||||||| 1,062.73 1.49 (0.14) 0.3

RMB CN ||||| 6.4371 (0.03) 0.50 1.1

NT$ TW ||| 29.54 (0.09) 0.29 0.7

HK$ HK 7.82 0.00 (0.01) (0.1)

Rs IN || 63.49 (0.15) 0.24 0.6

RM MY || 3.96 0.00 (0.04) 2.3

S$ SG |||||| 1.32 0.00 (0.10) 1.0

P PH 50.34 (0.03) 0.06 (1.0)

Rp ID | 13,332 (21.00) 0.16 1.7

A$ AU | 0.80 (0.00) (0.03) 2.0

Euro EU 1.23 0.00 0.02 2.2

GBP UK 1.38 0.00 0.01 2.1

Bt TH || 31.92 0.01 (0.04) 2.0

Bonds (10 year) Yield D % YTD (%)

Singapore SG |||| 2.07 (0.01) (0.49) 3.5

United States USD 2.55 0.01 0.22 6.1

Japan JPY |||||||||| 0.08 0.00 5.20 68.8

United Kingdom GBP |||||||||| 1.32 (0.02) (1.20) 11.2

Germany DEM | 0.59 0.01 1.03 37.5

Malaysia MYR 3.84 (0.00) (0.08) (1.9)

Indonesia IDR 6.20 (0.00) (0.03) (1.9)

Commodity Price D % YTD (%)

Brent $/bbl | 70.3 0.39 0.56 5.1

Gold $/t oz 1,340.1 1.09 0.08 2.7

Copper $/mt |||||||||| 321.9 5.30 1.65 (0.9)

Palm Oil RM/mt |||| 2,554.0 18.00 0.71 -

CRB Index || 196.1 0.90 0.46 1.1

3,200

3,400

3,600

3,800

4,000

4,200

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

CSI300

100

105

110

115

120

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Yen

1.0

1.1

1.2

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Euro

19,000

24,000

29,000

34,000

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

Hang Seng Index

45.0

50.0

55.0

60.0

65.0

Feb-17 May-17 Aug-17 Nov-17

Brent

Source: Bloomberg; PSR

Page | 6

Singapore Morning Note

Top Active Stocks

Volume (unit) Value (S$)

JEP HOLDINGS LTD 193,827,800 SINGAPORE TELECOMMUNICATIONS 66,773,560

ASIA-PACIFIC STRATEGIC INV 159,452,200 DBS GROUP HOLDINGS LTD 60,185,800

BLUMONT GROUP LTD 133,202,900 CITY DEVELOPMENTS LTD 46,616,000

MIDAS HOLDINGS LTD 68,237,000 OVERSEA-CHINESE BANKING CORP 45,210,610

LIONGOLD CORP LTD 63,620,000 KEPPEL CORP LTD 43,162,040

Singapore Company 52 Week High/Low

Yesterday’s New 52 Week High Yesterday’s New 52 Week Low Name Mkt Cap (SGD mn) Close Price YTD %

ALLIANCE MINERAL ASSETS LTD 244.6 0.455 19.7

CAMSING HEALTHCARE LTD 30.0 1.000 22.0

CITY DEVELOPMENTS LTD 12,148.3 13.360 7.0

FRASERS HOSPITALITY TRUST 1,488.9 0.800 1.9

GREAT EASTERN HOLDINGS LTD 14,568.8 30.780 11.2

IFS CAPITAL LTD 116.6 0.310 21.6

JEP HOLDINGS LTD 88.8 0.061 74.3

KEPPEL CORP LTD 14,723.7 8.120 10.5

Name Mkt Cap (SGD mn) Close Price YTD %

ABTERRA LTD 23.4 0.080 0.0

ASIAPHOS LTD 30.9 0.030 (28.6)

COSMOSTEEL HOLDINGS LTD 31.7 0.109 (5.2)

IX BIOPHARMA LTD 116.3 0.180 (14.3)

SAKAE HOLDINGS LTD 30.0 0.215 (23.2)

Singapore Companies’ ADR Premiums and Discounts

Company ADR Ticker ADR Close % Chg Local Equiv. Local Close ADR % Prem Shares Per ADR

DBS Bank DBSDY 80.05 0.05 26.47 26.54 -0.28 4

Jardine Matheson JMHLY 62.45 1.83 62.45 62.21 0.39 1

Jardine Strategic JSHLY 19.69 -0.33 39.37 39.80 -1.08 1

United Overseas Bank UOVEY 42.25 1.14 27.93 28.10 -0.59 2

FTSE Straits Times Index (FSSTI)

FSSTI Top Gainers S$ D % YTD (%) 1Y (%)

SPH 2.710 0.080 3.0 2.3 (22.2)

GoldenAgri 0.390 0.010 2.6 5.4 (7.1)

SATS 5.780 0.140 2.5 11.2 14.0

CityDev 13.360 0.320 2.5 7.0 51.9

Sembcorp Industries 3.230 0.060 1.9 6.6 4.9

FSSTI Top Losers S$ D % YTD (%) 1Y (%)

CCT 1.930 (0.050) (2.5) 0.0 28.3

ComfortDelgro 2.000 (0.030) (1.5) 1.0 (19.7)

Ascendas Reit 2.750 (0.040) (1.4) 1.1 14.6

Genting (S) 1.300 (0.010) (0.8) (0.8) 42.9

Jardine C&C 40.000 (0.270) (0.7) (1.6) (2.7) Source: Bloomberg; PSR

10

11

12

13

14

15

16

17

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

FSSTI: Forward P/E

PE 5yr Ave

0.80

1.00

1.20

1.40

1.60

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

FSSTI: Forward P/B

PB 5yr Ave

Page | 7

Singapore Morning Note

SINGAPORE COMPANY DIVIDENDS DATES

Ex-date Company Status Amount Indicated Yield (%) Record date Payment date18 Jan 18

Lian Beng Interim 0.010 2.98 1/22/2018 1/30/2018

24 Jan 18JB Foods Interim 0.020 4.31 1/26/2018 3/1/2018

25 Jan 18PNE Industries Regular Cash 0.030 5.31 1/29/2018 2/12/2018

31 Jan 18Goodland Group Final 0.003 4.62 2/2/2018 2/9/2018F&N Final 0.030 1.74 2/2/2018 2/14/2018FCL Final 0.062 3.93 2/2/2018 2/14/2018

2 Feb 18Jumbo Group Special Cash 0.007 1.65 2/6/2018 2/14/2018

7 Feb 18Keong Hong Final 0.018 3.25 2/9/2018 3/1/2018

Source: Bloomberg

Page | 8

Singapore Morning Note

SINGAPORE CORPORATE EARNINGS CALENDAR

SUN MON TUE WED THU FRI SAT

31 01 02 03 04 05 06Sph Reit: 2018 Q1 NPAT

SGD31.8m, 2% yoy

07 08 09 10 11 12 13Singap Press Hlg: 2018 Q1 NPAT

SGD60.4m, 32% yoy

Lian Beng Group: 2018 S1 NPAT

SGD3.2m, -43% yoy

14 15 16 17 18 19 20First Reit: Y Conf Cache Logistics Trust: Y Conf SGX: Q2 Tent

Pacific Century: Y Est Guocoland: Q2 Est

Soilbuild Business Sp.: Y Conf Oxley: Q2 Est

HC Surgical Specialist: S1 Est Guocoleisure: Q2 Est

Global Tech: Y Est

IPC Corp: Y Est

21 22 23 24 25 26 27Mapletree Log Trust: Q3 Conf Fortune Reit: Y Conf CMT: Y Conf Keppel Corp: Y Conf Ascott Residence Tr.: Y Conf

Mapletree Ind Trust: Q3 Conf Mapletree Com Tr.: Q3 Conf Ascendas Reit: Q3 Conf Parkway Life Reit: Y Conf

Keppel Infra. Trust: Y Est Keppel Reit: Y Est CCT: Y Conf Starhill Global Reit: Q2 Est

FCL: Q1 Conf Frasers Hospitality: Q1 Conf Suntec Reit: Y Est CRCT: Y Est

M1: Y Conf Asia Enterprises: Y Est Mapletree Gtr China: Q3 Conf OUE Comm Tr.: Y Est

Keppel DC Reit: Y Est MTQ Corp: Q3 Est Frasers Log & Ind: Q1 Conf Ascendas Hospitality : Q3 Est

Lereno Bio-Chem: Q3 Est OUE-HT: Y Est Viva Industrial Trust: Y Est

Sabana Reit: Y Est Tuan Sing Hldgs: Y Conf

28 29 30 31 01 02 03Ascendas India Trust: Q3 Conf Pan Ocean: Y Est

SIA Engineering: Q3 Est

JANUARY 2018

Source: Bloomberg; PSR

Page | 9

Singapore Morning Note

SINGAPORE & US ECONOMIC CALENDAR

SUN MON TUE WED THU FRI SAT

31 01 02 03 04 05 06SG:GDP YoY 4Q A (5.2%)[2.9%]{3.1%} SG:Purchasing Managers Index Dec

(52.9p)[-]{53.2p}

US:ADP Employment Change Dec

(190K)[191K]{250K}

US:Change in Nonfarm Payrolls Dec

(228K)[190K]{148K}

SG:GDP SAAR QoQ 4Q A

(8.8%)[1.9%]{2.8%}

US:MBA Mortgage Applications Dec (-

3.5%)[-]{0.7%}

US:Initial Jobless Claims Dec

(245K)[243K]{250K}

US:Markit US Manufacturing PMI Dec

(55.0p)[55.0p]{55.1p}

US:Construction Spending MoM Nov

(1.4%)[0.6%]{0.8%}

US:ISM Manufacturing Dec

(58.2p)[58.3p]{59.7p}

07 08 09 10 11 12 13US:MBA Mortgage Applications Jan

(0.7%)[-]{8.3%}

US:PPI Final Demand MoM Dec

(0.4%)[0.2%]{-0.1%}

SG:Retail Sales YoY Nov (-

0.1%)[1.6%]{5.3%}

US:Wholesale Inventories MoM Nov

(0.7%)[0.6%]{0.8%}

US:Initial Jobless Claims Jan

(250K)[246K]{261K}

US:CPI MoM Dec (0.4%)[0.1%]{0.1%}

US:Retail Sales Advance MoM Dec

(0.8%)[0.5%]{0.4%}

14 15 16 17 18 19 20US:Empire Manufacturing Jan

(18.0p)[17.0p]{-}

SG:Non-oil Domestic Exports YoY Dec

(9.1%)[-]{-}

US:Housing Starts Dec (1297K)[1276K]{-

}

US:U. of Mich. Sentiment Jan

(95.9p)[97.1p]{-}

US:MBA Mortgage Applications Jan (-

)[-]{-}

US:Initial Jobless Claims Jan (-)[-]{-}

US:Industrial Production MoM Dec

(0.2%)[0.3%]{-}

21 22 23 24 25 26 27

28 29 30 31 01 02 03

04 05 NOTES: Previous stats number (), forecast [] and actual {}

JANUARY 2018

Source: Bloomberg; PSR

Page | 10

Singapore Morning Note

PHILLIP SECURITIES RESEARCH – SINGAPORE STOCKS COVERAGE

Company Analyst Last report Rating Target Price (S$) Price (S$) Change since last

report (%) Upside to TP

(%)

Consumer Goods

Dairy Farm International (US$) Soh Lin Sin 18-Dec-17 Buy 9.890 8.110 2.1 21.9

Fraser & Neave Soh Lin Sin 13-Nov-17 Accumulate 2.830 2.580 (2.3) 9.7

Sheng Siong Soh Lin Sin 18-Dec-17 Buy 1.130 0.925 0.5 22.2

Old Chang Kee Soh Lin Sin 18-Dec-17 Buy 0.980 0.785 1.9 24.8

Thai Beverage Soh Lin Sin 18-Dec-17 Buy 1.180 0.910 0.0 15.4

Banking & Finance

DBS Jeremy Teong 18-Dec-17 Buy 29.300 26.540 7.3 10.4

OCBC Jeremy Teong 27-Oct-17 Buy 13.480 13.080 10.8 3.1

SGX Jeremy Teong 26-Oct-17 Accumulate 8.310 7.570 (0.5) 9.8

UOB Jeremy Teong 6-Nov-17 Accumulate 25.220 28.100 13.5 (10.2)

Sing Investments & Finance Ltd Jeremy Teong 26-Oct-17 Accumulate 1.725 1.560 (2.2) 10.6

iFAST Corporation Ltd Jeremy Teong 1-Nov-17 Accumulate 1.100 0.920 (3.7) 19.6

Healthcare

Raffles Medical Soh Lin Sin 31-Oct-17 Accumulate 1.320 1.110 (1.8) 18.9

Q&M Dental Soh Lin Sin 21-Aug-17 Neutral 0.610 0.650 0.8 (6.2)

Singapore O&G Ltd Soh Lin Sin 9-Nov-17 Accumulate 0.620 0.410 (20.4) 51.2

Health Management International Soh Lin Sin 15-Nov-17 Buy 0.830 0.610 (10.9) 36.1

Real Estate

CapitaLand Limited Dehong Tan 18-Dec-17 Accumulate 4.190 3.770 7.1 11.1

Chip Eng Seng Corporation Ltd Change of Analyst 18-Dec-17 Buy 1.210 1.020 8.5 18.6

Sinarmas Land Change of Analyst 16-May-17 Buy 0.730 0.400 (12.1) 82.5

Ho Bee Land Dehong Tan 10-Nov-17 Accumulate 2.980 2.530 (3.1) 17.8

Hock Lian Seng Holdings Change of Analyst 11-May-17 Accumulate 0.570 0.515 9.6 10.7

City Developments Ltd Dehong Tan 12-Dec-17 Accumulate 12.100 13.360 8.5 (9.4)

Centurion Corporation Ltd Jeremy Teong 10-Nov-17 Accumulate 0.590 0.555 3.7 6.3

UOL Group Ltd Change of Analyst 7-Aug-17 Accumulate 8.930 9.340 14.5 (4.4)

Banyan Tree Holdings Dehong Tan 18-Dec-17 Accumulate 0.710 0.645 13.2 10.1

Investment Trusts

Cache Logistics Trust Richard Leow 1-Nov-17 Neutral 0.820 0.870 3.6 (5.7)

Capitaland Commercial Trust Dehong Tan 23-Oct-17 Accumulate 1.800 1.930 15.6 (6.7)

CapitaLand Retail China Trust Dehong Tan 4-Dec-17 Neutral 1.660 1.640 2.5 1.2

First REIT Dehong Tan 20-Oct-17 Neutral 1.320 1.400 2.2 (5.7)

Fraser Centrepoint Trust Dehong Tan 26-Oct-17 Neutral 2.140 2.270 3.7 (5.7)

Keppel DC REIT Richard Leow 17-Oct-17 Neutral 1.360 1.450 7.8 (6.2)

Soilbuild Business Space REIT Richard Leow 9-Nov-17 Reduce 0.610 0.720 9.9 -

Mapletree Industrial Trust Richard Leow 27-Oct-17 Neutral 1.990 2.080 6.1 (4.3)

CapitaLand Mall Trust Dehong Tan 23-Oct-17 Neutral 2.01 2.05 (0.5) (2.0)

Ascendas REIT Richard Leow 18-Dec-17 Accumulate 2.860 2.750 2.2 4.0

Industrials

800 Super Holdings Richard Leow 16-Jan-17 Accumulate 1.400 1.250 26.3 12.0

Cogent Holdings Richard Leow 28-Nov-17 Reject Offer 1.120 1.020 1.0 -

Nam Lee Pressed Metal Industries Richard Leow 15-Aug-17 Buy 0.510 0.410 10.8 24.4

Conglomerate

Sembcorp Industries Ltd Chen Guangzhi 6-Nov-17 Accumulate 3.700 3.230 (0.9) 14.6

Materials

CNMC Goldmine Holdings Ltd Chen Guangzhi 13-Nov-17 Neutral 0.300 0.295 5.4 1.7

Geo Energy Resources Ltd Chen Guangzhi 18-Dec-17 Buy 0.440 0.265 6.0 66.0

Golden Energy And Resources Chen Guangzhi 28-Aug-17 Buy 0.590 0.410 (8.9) 43.9

Oil and Gas

China Aviation Oil Chen Guangzhi 6-Nov-17 Buy 2.000 1.660 0.9 20.5

Sembcorp Marine Chen Guangzhi 2-Nov-17 Neutral 1.910 1.910 (5.0) 0.0

Ezion Holdings Limited Chen Guangzhi 27-Oct-17 - - - - -

Utilities

China Everbright Water Ltd Chen Guangzhi 16-Nov-17 Buy 0.590 0.450 1.1 31.1

Transportation

ComfortDelgro Richard Leow 4-Jan-17 Buy 2.630 2.000 (20.3) 31.5

SATS Richard Leow 10-Nov-17 Accumulate 5.230 5.780 15.4 (9.5)

SIA Engineering Richard Leow 6-Nov-17 Neutral 3.350 3.200 (3.0) 4.7

Technology & Communications

Asian Pay TV Trust Paul Chew 18-Dec-17 Accumulate 0.64 0.59 0.9 9.4

Micro-Mechanics Holdings Ltd Paul Chew 18-Dec-17 Buy 2.50 2.40 16.5 4.2

Page | 11

Singapore Morning Note

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Page | 12

Singapore Morning Note

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